Grant's Interest Rate Observer July 26th issue is released

NEW YORK, July 24, 2013 /PRNewswire/ -- The July 26th issue of Grant's Interest Rate Observer, a journal of the financial markets, is published and available to the public. This issue is now available for download at www.grantspub.com for all subscribers. To subscribe please visit: http://www.grantspub.com/subscribe or call John D'Alberto: (646) 312-8890.

The current issue includes the following articles:

Demobilizing the reserves

One day soon, banks will have on deposit at the Federal Reserve$2 trillion more than the rules require them to hold, a mountain of excess reserves that could, at the outer limit of what is theoretically possible in money and banking, support $20 trillion of new lending. What is the meaning of this imminent fact?

Inflation for bulls

The Nasdaq Biotechnology Index has levitated by 10.9% so far in July. And we mean levitated.

Elephants for sale

Herewith a survey of the "white elephant" branch of the otherwise prospering American house market—the mansions, countryseats, Newport cottages, cattle ranches or city penthouses that one generation prizes but another may shun.

Oz catches cold

China sneezed.

Interest rates 101

We humans want what we want when we want it. To salve the pain of delayed gratification, we ask for compensation, and we got it too, until ZIRP came along. It would be nice to know where interest rates are going. It would even be nice to know what they mean—a humbler, attainable aspiration.

Paper vs. rock

Disagreement is the motive force of every financial market—if everybody saw exactly eye to eye, prices would move straight up, straight down or not at all. In gold, there's a conflict within a conflict.